The global green steel market size was USD 0.98 billion in 2022 and is set to rise from USD 2.70 billion in 2023 to USD 98.84 billion by 2030, recording a CAGR of 67.2% from 2023 to 2030. Green steel is generally manufactured using a method that produces no greenhouse gases and is carbon neutral. In 2022, at the World Economic Forum, 50 companies collaborated and promised to purchase steel, aluminum, and other commodities with low or no carbon. This is pushing producers to invest in sustainable solutions and creating green product demand. All these aforementioned factors are contributing to market expansion. Fortune Business Insights™ shares this information in its report titled “Green Steel Market Size Report, 2024-2030.”

List of Key Players Profiled in the Green Steel Market Report

  • Ansteel Group (China)
  • ArcelorMittal (Luxembourg)
  • Boston Metal (U.S.)
  • China Baowu Group (China)
  • Cleveland-Cliffs (U.S.)
  • H2 Green Steel (U.S.)
  • Nippon Steel Corporation (Japan)
  • Nucor Corporation (U.S.)
  • Steel Dynamics, Inc. (U.S.)
  • United States Steel Corporation (U.S.)

Green Steel Industry Segmentation

Hydrogen DRI – EAF Production Technology Segment to Take the Lead due to its Green Nature

On the basis of production technology, the market is classified into Renewable – EAF (R-EAF), Hydrogen DRI – EAF (H2 DRI – EAF), and Moten Oxide Electrolysis (MOE).

The Hydrogen DRI – EAF segment is set to lead the global market. The increasing popularity of Hydrogen DRI – EAF production technology among steel manufacturers due to its green nature is driving the segment growth. This technology uses hydrogen over carbon as a main reduction agent for the iron ore reduction stage.

Increasing Adoption of Electric Mobility in the Automotive Industry FueledSegment Expansion

By application, the market is segregated into building & construction, automotive, renewable energy infrastructure, home appliances, and others.

The automotive segment dominated the global market. With the increasing adoption of electric mobility in the automotive industry, several producers are highly investing in sustainable materials, which is boosting the segment growth. General Motors, Volvo, Mercedes, Jaguar Land Rover, and Volkswagen are making significant product investments to lead the market.

Green Steel Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.

Drivers and Restraints

Increasing Investments by Governments and Top Producers for Product Development to Boost Market Progress

The increasing trend of sustainability is encouraging top steel manufacturers and governments to invest highly in producing green steel. The Paris Climate Agreement focuses on maintaining global warming to 1.5°C as going beyond that point could lead to serious climate difficulties, such as droughts, heatwaves, and rainfall.

Growing awareness among governments and manufacturing companies to make the steel industry green, as it is one of the largest greenhouse gas contributors, is driving market expansion. An increase in investments by various economies globally is boosting the development of green steel, thus increasing market revenue.

On the other hand, the high costs of steel production using renewable energy sources are hampering market expansion.

Regional Green Steel Market Insights

Presence of Top Producers Accelerated Market Expansion in North America

North America led the green steel market share. The U.S. takes the forefront in the global market among a few countries, including Australia, Germany, China, Saudi Arabia, and others. The presence of major companies, such as Nucor Corporation and Boston Metal, is driving the market growth in the region.

Europe maintains a significant position in the global market. Increasing investments by several companies in establishing new production plants are fostering market growth in the region.

Competitive Landscape

Top Companies Focus on Collaborations to Get their Production Lines

Key market players are collaborating with renewable electricity suppliers and hydrogen producers to obtain their production lines as soon as possible. They are concentrating on opening new production facilities with innovative technologies, including hydrogen-based DRI production.

Key Green Steel Industry Development

  • June 2023: To build a production plant for green steel in Puertollano, Spain, Hydnum Steel made a partnership with Primetals Technologies. By 2030, the company hopes to complete this project by constructing a plant that can produce 2.6 million tons of hot and cold rolled coils.

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